How More Data Can Help You Save Time and Money, by Larry Convoy

I don’t know about you, but I’m all about doing things as efficiently as possible. Efficiency saves me time and money, and allows me to get more things accomplished. Sometimes I have to do an extra step or two at the beginning in order to implement the efficiency, but when I do, I know I’ll reap the benefits in the long run.

At this month’s group meetings, all members will be asked to fill out a short survey expressing their company’s position on contributing their AR to the CMA and NACM data bank. The survey should take less than 2 minutes to complete, and your answers could provide an opportunity to save time and money.

When I first started working at CMA, a time when Ronald Reagan was President and the Clippers were actually the worst basketball team in LA, there were 2 options for contributing data. The first was a tape with rigid guidelines that had to be in one format. The second was OCR, drawing little circles in boxes to indicate what the balance, aging and terms were. Neither were user friendly, and it was difficult to get companies to provide a second submission. The incentives were not very appealing either.

Today, you can conduct business from your cell phone, the Kings are going for their second Stanley Cup and contributing AR can be done from virtually any computer system. The benefits have improved as well: you will save time by never having to answer an RFI nor fill out a past due or meeting review report. You will save money by having an industry-specific data bank at your disposal 24/7, reducing your dollar commitment to third-party reporting agencies.

What we used as our sales pitch in the early ‘80s still applies, “To get information, you have to give information.” It has just been made easier and more beneficial to you and your company.